Revenue remains highly erratic, evidenced by a 92.8% year-over-year decline in 2026Q1, while gross margins have swung violently from a negative 107.9% in 2025Q3 to a positive 96.1% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 87.82M | 170.44M | 83.33M | 90.24M | 112.72M | 470.35M | 154.57M | 35.23M | 218.5M | 10.39M | 4.59M | 7.59M | 6.12M | 6.09M |
| Revenue Growth % | -43.96% | 104.54% | -7.66% | -19.94% | -76.03% | 204.3% | 338.7% | -83.88% | 2002.42% | 126.48% | -39.52% | 23.99% | 0.54% | - |
| Cost of Goods Sold | 87.94M | 20.3M | 33.57M | 37.21M | 54.55M | 51.83M | 35.71M | 8.24M | 9.64M | 1.71M | 959K | 1.5M | 1.01M | 324K |
| COGS % of Revenue | - | 11.91% | 40.28% | 41.24% | 48.39% | 11.02% | 23.11% | 23.39% | 4.41% | 16.44% | 20.9% | 19.81% | 16.45% | 5.32% |
| Gross Profit | -120K | 150.14M | 49.76M | 53.03M | 58.18M | 418.51M | 118.85M | 26.99M | 208.87M | 8.68M | 3.63M | 6.08M | 5.11M | 5.76M |
| Gross Margin % | -0.14% | 88.09% | 59.72% | 58.76% | 51.61% | 88.98% | 76.89% | 76.61% | 95.59% | 83.56% | 79.1% | 80.19% | 83.55% | 94.68% |
| Gross Profit Growth % | - | 201.73% | -6.16% | -8.85% | -86.1% | 252.13% | 340.33% | -87.08% | 2305.17% | 139.23% | -40.35% | 19.01% | -11.28% | - |
| Operating Expenses | 256.57M | 311.34M | 283.11M | 321.16M | 321.06M | 258.53M | 238.09M | 175.99M | 120.77M | 84.57M | 68.97M | 29.16M | 8.77M | 10.53M |
| OpEx % of Revenue | - | 182.67% | 339.75% | 355.88% | 284.82% | 54.97% | 154.03% | 499.5% | 55.27% | 813.71% | 1502.94% | 384.36% | 143.22% | 172.91% |
| Selling, General & Admin | 83.82M | 82.86M | 76.62M | 88.49M | 85.28M | 79.33M | 63.82M | 51.81M | 36.85M | 27.23M | 23.59M | 11.91M | 3.85M | 5.47M |
| SG&A % of Revenue | - | 48.62% | 91.95% | 98.06% | 75.65% | 16.87% | 41.29% | 147.06% | 16.86% | 261.99% | 514.06% | 156.98% | 62.92% | 89.93% |
| Research & Development | 228.65M | 228.3M | 208.52M | 232.27M | 242.45M | 181.44M | 166.29M | 124.19M | 83.87M | 57.22M | 45.48M | 17.28M | 4.96M | 5.05M |
| R&D % of Revenue | - | 133.95% | 250.24% | 257.38% | 215.09% | 38.58% | 107.59% | 352.47% | 38.38% | 550.6% | 991.11% | 227.71% | 81.06% | 82.98% |
| Other Operating Expenses | -865K | 179K | -2.03M | 397K | -6.68M | -2.24M | 7.97M | -10K | 42K | 116K | -102K | -26K | -47K | 0 |
| Operating Income | -256.69M | -161.2M | -233.35M | -268.13M | -262.88M | 159.98M | -119.23M | -149M | 88.1M | -75.89M | -65.34M | -23.14M | -3.68M | -4.78M |
| Operating Margin % | -292.28% | -94.58% | -280.03% | -297.12% | -233.2% | 34.01% | -77.14% | -422.89% | 40.32% | -730.15% | -1423.84% | -304.92% | -60.16% | -78.46% |
| Operating Income Growth % | - | 30.92% | 12.97% | -2% | -264.32% | 234.17% | 19.98% | -269.12% | 216.1% | -16.14% | -182.4% | -528.38% | 22.91% | - |
| EBITDA | -245.03M | -145.58M | -217.13M | -250.81M | -249.97M | 169.54M | -110.83M | -141.85M | 92.08M | -73.2M | -64.8M | -23.06M | -3.65M | -4.76M |
| EBITDA Margin % | -279% | -85.42% | -260.57% | -277.93% | -221.75% | 36.05% | -71.7% | -402.59% | 42.14% | -704.31% | -1411.99% | -303.86% | -59.67% | -78.23% |
| EBITDA Growth % | -73.33% | 32.95% | 13.43% | -0.34% | -247.43% | 252.98% | 21.87% | -254.04% | 225.8% | -12.97% | -181.03% | -531.35% | 23.31% | - |
| D&A (Non-Cash Add-back) | 11.66M | 15.62M | 16.21M | 17.32M | 12.91M | 9.56M | 8.41M | 7.15M | 3.98M | 2.69M | 544K | 80K | 30K | 14K |
| EBIT | -246.88M | -161.2M | -214.44M | -256.78M | -257.15M | 159.98M | -105.24M | -97.49M | 88.1M | -75.89M | -65.34M | -22.79M | -3.68M | -4.78M |
| Net Interest Income | -24.31M | -32.74M | -12.48M | -6.84M | -22.91M | -25.56M | 3.5M | 2.95M | 8.95M | 0 | 0 | -20K | -321K | -611K |
| Interest Income | 3.42M | 12.27M | 174K | 25K | 342K | 719K | 4.27M | 2.95M | 8.95M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 27.73M | 45.01M | 12.66M | 6.86M | 23.25M | 26.28M | 771K | 0 | 0 | 0 | 0 | 20K | 321K | 611K |
| Other Income/Expense | -33.33M | -32.68M | 6.24M | 4.48M | -17.53M | -18.73M | 13.22M | 51.51M | 16.02M | 2.72M | 1.94M | 326K | -321K | -611K |
| Pretax Income | -290.01M | -193.88M | -227.1M | -263.65M | -280.4M | 141.25M | -106.01M | -97.49M | 104.12M | -73.17M | -63.4M | -22.81M | -4M | -5.39M |
| Pretax Margin % | -330.23% | -113.75% | -272.54% | -292.15% | -248.75% | 30.03% | -68.59% | -276.7% | 47.65% | -704.02% | -1381.61% | -300.62% | -65.41% | -88.5% |
| Income Tax | 0 | 0 | 0 | -152K | -84K | 13.41M | 5.24M | -2.75M | 4.18M | 686K | -435K | -60K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0.06% | 0.03% | 9.49% | -4.94% | 2.83% | 4.01% | -0.94% | 0.69% | 0.26% | 0% | 0% |
| Net Income | -290.01M | -193.88M | -227.1M | -263.49M | -280.32M | 127.84M | -111.25M | -94.73M | 99.94M | -73.17M | -62.97M | -22.81M | -4M | -5.39M |
| Net Margin % | -330.23% | -113.75% | -272.54% | -291.99% | -248.68% | 27.18% | -71.98% | -268.88% | 45.74% | -704.02% | -1372.13% | -300.62% | -65.41% | -88.5% |
| Net Income Growth % | -83.91% | 14.63% | 13.81% | 6% | -319.27% | 214.91% | -17.44% | -194.79% | 236.58% | -16.2% | -176.04% | -469.85% | 25.69% | - |
| Net Income (Continuing) | -290.01M | -193.88M | -227.1M | -263.49M | -280.32M | 127.84M | -111.25M | -94.73M | 99.94M | -73.17M | -62.97M | -22.81M | -4M | -5.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.53 | -3.76 | -4.59 | -6.02 | -6.50 | 2.91 | -2.98 | -2.58 | 2.73 | -2.45 | -2.38 | -2.49 | -0.30 | -2.04 |
| EPS Growth % | -80.06% | 18.08% | 23.75% | 7.38% | -323.37% | 197.65% | -15.5% | -194.51% | 211.43% | -2.94% | 4.42% | -730% | 85.29% | - |
| EPS (Basic) | - | -3.76 | -4.59 | -6.02 | -6.50 | 3.01 | -2.98 | -2.58 | 2.73 | -2.45 | -2.38 | -2.49 | -0.30 | -2.04 |
| Diluted Shares Outstanding | 52.43M | 51.57M | 49.51M | 43.73M | 43.15M | 43.91M | 37.28M | 36.69M | 36.65M | 29.88M | 26.41M | 9.17M | 13.15M | 2.64M |
| Basic Shares Outstanding | 52.43M | 51.57M | 49.51M | 43.73M | 43.15M | 42.44M | 37.28M | 36.69M | 36.61M | 29.86M | 26.41M | 9.17M | 13.15M | 2.64M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and clinical binary
As reported in financial statements, RGNX's revenue trajectory remains highly erratic, evidenced by a 92.8% year-over-year decline in 2026Q1, which underscores the company's reliance on non-recurring milestone payments rather than a consistent, scalable commercial product stream that would otherwise provide a predictable growth foundation for investors.
The extreme quarterly fluctuations in top-line figures suggest that revenue is driven by transactional licensing events rather than sustained operational momentum. This lack of recurring revenue visibility makes it difficult to model long-term growth durability, as the company remains tethered to the timing of partner-driven milestones.
Based on RGNX's reported figures, gross margins have exhibited extreme instability, swinging from a negative 107.9% in 2025Q3 to a positive 96.1% in 2025Q1, reflecting the inherent unpredictability of accounting for licensing-heavy revenue streams versus the high fixed costs of maintaining specialized gene therapy manufacturing infrastructure.
The wide variance in gross margins indicates that the company's cost structure is not yet optimized for commercial-scale operations. Investors should monitor whether these swings represent true operational inefficiency or merely the accounting treatment of lumpy, milestone-based revenue recognition that fails to align with ongoing R&D expenditures.
According to recent SEC filings, RGNX's R&D expenses have remained consistently elevated, averaging over $50 million per quarter, which significantly dwarfs the company's volatile revenue streams and highlights a structural inability to achieve operating leverage under the current clinical-stage business model and heavy investment in pipeline development.
The company's expense discipline appears secondary to the aggressive pursuit of its clinical pipeline, as R&D costs remain largely decoupled from revenue performance. This persistent burn rate suggests that the firm is prioritizing long-term asset development over near-term profitability, which may necessitate further capital raises.
Based on reported figures, the company's cash position of approximately $34.5 million against substantial quarterly operating losses suggests a precarious liquidity profile, which may force management to seek dilutive financing in the near term to sustain its ongoing clinical trial programs and platform maintenance requirements.
The current cash-to-burn ratio warrants significant caution, as the company lacks a sufficient buffer to absorb potential clinical setbacks or delays in milestone payments. This vulnerability implies that the firm's survival is increasingly dependent on external capital markets rather than internal cash generation, creating a binary risk for shareholders.
Quick answers to the most common questions about buying RGNX stock.
For fiscal year 2025, REGENXBIO Inc. (RGNX) reported total revenue of $170.4M. This represents a 2700.1% increase compared to $6.1M in 2013.
REGENXBIO Inc. (RGNX) reported a net loss of $193.9M for the fiscal year ending 2025.
REGENXBIO Inc. (RGNX) reported an operating income of $-161.2M, resulting in an operating profit margin of -94.6%. This margin reflects the operational efficiency of the business before interest and taxes.
REGENXBIO Inc. (RGNX) generated $150.1M in gross profit for the year, representing a gross profit margin of 88.1%. This demonstrates the company's core pricing power and production efficiency.